The Idea of Risk taking is uniquely awesome, by virtue of the fact that the person in question is aware that "Risk is involved". The Consolation I get most times is being aware also that "being alive in itself is a risk" and also calculatively analyzing and asking myself the puzzling question what is the worst thing that could happen?"
With the above in mind I stare at risk taking and smile and say to myself how fun will this risk be, and how profitable it will also be to me and what impact will it make for the common and greater good.
Thus, Below are fundamental points to bear in mind when calculating the risk of the risk you are about to take
1. All businesses involve risk-taking
Taking risks is closely linked with entrepreneurship. Leaving a steady-paying job to start your own business is a risk in and of itself and often, requires a substantial amount of money. If your product or service has never been on the market before, you also put your reputation at risk.
On top of that, there are risks involved in hiring employees, marketing strategies, and even customer service. Entrepreneurship overall involves a great deal of risk, and you need to be ready to take these risks on before deciding to go into business.
2. Risks are calculated, not random gambles
Entrepreneurship mentor and consultant Leonard C. Green always tells his students at Babson College that “Entrepreneurs are not risk-takers. They are calculated risk-takers.”
Green went on to explain that calculated risk takers are those who carefully take steps toward their goals. These individuals do not just gamble everything into their venture—they find ways to reduce risk as they move forward with their business.
3. In the future, you won’t have to ask “what if?”
Founder and CEO of Amazon Jeff Bezos has been quoted as saying, “I knew that when I was 80, I was not going to regret having tried this…I knew that if I failed I wouldn’t regret that. I knew the one thing I might regret is not ever having tried. And I knew that would haunt me every day.”
Nobody can really be sure if risks will pay off, no matter how calculated they may be. But this should not stop you from taking risks. If you want your business to succeed, risks are necessary. According to a quote by Frederick Wilcox, “Progress always involves risks. You can’t steal second base and keep your foot on first.”
4. Risk-takers may be more content and satisfied with their lives
Most people are not willing to take risks, but a study on risk-taking revealed that there is a link between willingness to take risks and personal satisfaction where the individual always accept the outcome of the risk he or she has taken and on the long run he or she is comfortable with such decisions .
5. You learn from taking risks
Some risks may not pay off, but an optimistic risk-taker will always look at failure as an opportunity to learn. Social Media Examiner owner Michael Stelzner writes that the willingness to experiment with new ideas is key to business growth. As he puts it, “nothing ventured, nothing gained.”
Failure will teach you how to think and plan strategically. Just remember that not all risks are good ones, and when you fail, learn from it and move on.
6. Innovation cannot take place without risks
Innovation involves changing how people do things. It is about sharing and teaching what we know, and putting new ideas into practice.
Innovation cannot happen if you will not accept the risk that your undertaking might fail. The level of risk may be lessened, however, if you make all possible calculations and evaluate which option is best before proceeding to the next step.
7. Taking The Necessary Advantage
This is very important when you have an updated knowledge about either the pros and cons about a potential business opportunity because Life is not certain – learn to increase your comfort level by taking the advantage of what your synthetic analysis business opportunity presents, Knowing that if successful you’ll be pushed into a new window of opportunity for self expression of some sort and that can always be a good thing.
Thus, in taking the necessary advantage this will enable
you know enough to do the necessary research in order to make an informed decision. Know your strengths as well as the potential downside. No matter what you’ll learn something and that’s all for the good.
With the above in mind I stare at risk taking and smile and say to myself how fun will this risk be, and how profitable it will also be to me and what impact will it make for the common and greater good.
Thus, Below are fundamental points to bear in mind when calculating the risk of the risk you are about to take
1. All businesses involve risk-taking
Taking risks is closely linked with entrepreneurship. Leaving a steady-paying job to start your own business is a risk in and of itself and often, requires a substantial amount of money. If your product or service has never been on the market before, you also put your reputation at risk.
On top of that, there are risks involved in hiring employees, marketing strategies, and even customer service. Entrepreneurship overall involves a great deal of risk, and you need to be ready to take these risks on before deciding to go into business.
2. Risks are calculated, not random gambles
Entrepreneurship mentor and consultant Leonard C. Green always tells his students at Babson College that “Entrepreneurs are not risk-takers. They are calculated risk-takers.”
Green went on to explain that calculated risk takers are those who carefully take steps toward their goals. These individuals do not just gamble everything into their venture—they find ways to reduce risk as they move forward with their business.
3. In the future, you won’t have to ask “what if?”
Founder and CEO of Amazon Jeff Bezos has been quoted as saying, “I knew that when I was 80, I was not going to regret having tried this…I knew that if I failed I wouldn’t regret that. I knew the one thing I might regret is not ever having tried. And I knew that would haunt me every day.”
Nobody can really be sure if risks will pay off, no matter how calculated they may be. But this should not stop you from taking risks. If you want your business to succeed, risks are necessary. According to a quote by Frederick Wilcox, “Progress always involves risks. You can’t steal second base and keep your foot on first.”
4. Risk-takers may be more content and satisfied with their lives
Most people are not willing to take risks, but a study on risk-taking revealed that there is a link between willingness to take risks and personal satisfaction where the individual always accept the outcome of the risk he or she has taken and on the long run he or she is comfortable with such decisions .
5. You learn from taking risks
Some risks may not pay off, but an optimistic risk-taker will always look at failure as an opportunity to learn. Social Media Examiner owner Michael Stelzner writes that the willingness to experiment with new ideas is key to business growth. As he puts it, “nothing ventured, nothing gained.”
Failure will teach you how to think and plan strategically. Just remember that not all risks are good ones, and when you fail, learn from it and move on.
6. Innovation cannot take place without risks
Innovation involves changing how people do things. It is about sharing and teaching what we know, and putting new ideas into practice.
Innovation cannot happen if you will not accept the risk that your undertaking might fail. The level of risk may be lessened, however, if you make all possible calculations and evaluate which option is best before proceeding to the next step.
7. Taking The Necessary Advantage
This is very important when you have an updated knowledge about either the pros and cons about a potential business opportunity because Life is not certain – learn to increase your comfort level by taking the advantage of what your synthetic analysis business opportunity presents, Knowing that if successful you’ll be pushed into a new window of opportunity for self expression of some sort and that can always be a good thing.
Thus, in taking the necessary advantage this will enable
you know enough to do the necessary research in order to make an informed decision. Know your strengths as well as the potential downside. No matter what you’ll learn something and that’s all for the good.
taking could be costly sometimes how can one mange that
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